1504 Deposit of Cash Deposits

1504 Deposit of Cash Receipts

Purpose

To establish sound cash management practices and safeguard cash receipts against theft or loss.

Policy

All cash and checks received payable to The Trustees of the University of Pennsylvania are to be deposited with the University Cashier on the day of receipt. Cash or checks received over the weekend should be deposited on the next business day. Cash depositors are required to wait for a receipt from the cashier at time of deposit. Check depositors must retain copies of deposited checks for a period of seven years.

It is the responsibility of the Financial Administrator to reconcile deposit accounts on a timely basis

The University of Pennsylvania is required under section 60501 of the Internal Revenue Code, to file Form 8300 (Report of Cash Payments in the amount of $10,000.00 or greater) within 15 days of receipt of cash from an individual or corporation in one or more related transactions.

For this policy and other cash policies, visit: 1500 Cash Policies